Hearthfire Holdings Acquires Class A Self-Storage Asset in Syracuse, New York

Hearthfire Holdings is pleased to announce the acquisition of a Class A, climate-controlled self-storage property in Syracuse, New York, marking our 24th asset across 10 states and further expanding the firm’s presence in supply-constrained Northeast markets.

Located at 615 Erie Blvd. W., Syracuse, NY, the property represents a strategic entry into a top-100 U.S. metro with strong demographic fundamentals, limited new supply, and growing demand for climate-controlled storage solutions.

This acquisition reflects Hearthfire’s continued focus on disciplined underwriting, institutional-grade assets, and markets with durable long-term demand drivers.

Project Overview

The Syracuse property is a Class A conversion delivered in September 2024 and is situated in downtown Syracuse, near Syracuse University. The location benefits from a dense surrounding population and favorable supply-and-demand dynamics—particularly for climate-controlled inventory, which remains undersupplied in the broader market.

At acquisition, the asset was approximately 28% leased, providing a clear runway for lease-up and value creation through operational execution and disciplined pricing strategies.

Project Highlights

• Address: 615 Erie Blvd. W., Syracuse, NY
• Asset Type: Class A, 100% climate-controlled self-storage
• Total Property:
  • 509 units
  • 45,399 rentable square feet
• Construction: Class A conversion completed September 2024

The transaction also includes a long-term leaseback of 200 parking spaces from a neighboring office building, adding an additional contractual income stream with scheduled rent escalations.

Capitalization

The equity for the Syracuse acquisition was fully subscribed by existing investor relationships in approximately two weeks, without any formal marketing campaign or public offering.

This efficient execution reflects Hearthfire’s long-standing investor relationships, consistent performance, and disciplined approach to underwriting and capital deployment.

Operator

The property is operated by CubeSmart Self-Storage, one of the nation’s most experienced self-storage management platforms. CubeSmart’s operating scale, leasing expertise, and data-driven approach align well with the asset’s lease-up strategy and long-term positioning.

Acknowledgments

Hearthfire would like to thank the partners whose collaboration and expertise were instrumental in completing this transaction:

• Brokers: Aaron Carter, Senior Associate and Richard Riddle, Executive Vice President, Skyview Advisors
• Debt Partners: Tim Jefferies, Senior Vice President, and Rachel Murphy, AVP, Portfolio Manager, WSFS Bank
• Legal Counsel: Jonathan Gremminger, Esq., Sherman, Silverstein, Kohl, Rose & Podolsky, P.A., on behalf of Hearthfire Holdings, and Stacy C. Bedwick, Esq., Kurtz and Partners, representing WSFS Bank.
• Title Partner: Deanna Ellis, Senior Title Officer, Stewart Title

Learn More

Hearthfire Holdings continues to pursue high-quality self-storage investments across select U.S. markets, with a focus on capital preservation, operational discipline, and long-term value creation.

To explore current investment opportunities or speak with our Investor Relations team, visit: https://hfirecapital.com/investments/